Creditors of Brazil's Oleo e Gas agree to $200 mln deal -Bloomberg

Feb 7 (Reuters) - Brazil's Óleo e Gás Participações SA
creditors, led by bond firm Pimco, have agreed to about $200
million in financing for the oil company, which began Latin
America's largest corporate debt default in October, Bloomberg
reported on Friday.

The deal would take control of the company, formerly OGX
, out of the hands of Eike Batista, the former
Brazilian billionaire whose swift rise to vast wealth was
matched by his fall from those same ranks.

Citing people with knowledge of the talks, Bloomberg
reported that Deutsche Bank AG will act as an intermediary.

Representatives from Pimco did not immediately return a
phone message. Deutsche Bank declined to comment, and Óleo e Gás
did not immediately respond to emails.

The Brazilian company was expected to submit a debt
restructuring plan this month after having delayed the plan in
January.

Óleo e Gás owes about $5.1 billion to investors such as bond
fund Pimco, suppliers including Schlumberger NV, and
sister company and shipbuilder OSX Brasil SA.

Batista, who controls OSX which is also in bankruptcy
proceedings, saw his commodities and industrial conglomerate
collapse last year under huge debts after disappointing output
at its oil wells sent investors fleeing.